Westwing Reports Profitable Growth in Q4 2023 and Cautious Outlook for 2024

Westwing Group SE, Europe’s leader in online home and living retail, experienced continued profitable growth in the fourth quarter of 2023 and entered 2024 with positive momentum. Despite a challenging market, the company’s Gross Merchandise Value (GMV) and revenue grew by 4% and 2% respectively in Q4 2023, achieving EUR 481 million GMV and EUR 429 million in revenue for the full year. This performance placed revenue figures in the upper half of Westwing’s guidance.

The company also reported EUR 18 million in adjusted EBITDA for FY 2023, signaling profitability improvements and effective management of net working capital. Consequently, Westwing saw a free cash flow generation of EUR 30 million and ended the year with a strong net cash position of EUR 82 million. A significant contributor to profitability was the growth of the high-margin Westwing Collection, which now represents 47% of the Group GMV.

Despite a robust start in 2024, with a 6% increase in GMV year-to-date, Westwing maintains a cautious revenue outlook for the remainder of the year. Management’s focus is on transforming the platform to support scalable and efficient growth, alongside driving brand and customer experience enhancements. Revenue is projected to lie between EUR 415 million and EUR 445 million for FY 2024, with adjusted EBITDA expected to be between EUR 14 million and EUR 24 million.